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Five things to know to start your Wednesday

Cart23JULY019

Tayo Aduloju takes over as CEO of NESG

Tayo Aduloju has been appointed as the new Chief Executive Officer of the Nigerian Economic Summit Group (NESG), an announcement by the group says. His appointment is expected to take effect on January 1, 2024.

The organisation said in a statement on Wednesday that Aduloju, who currently serves as the group’s Chief Operating Officer and Senior Fellow for Economic Policy, Strategy, and Competitiveness, would succeed the CEO, “Laoye Jaiyeola, upon the completion of his two-term tenure”.

The statement said that under Jaiyeola’s transformational leadership, the organisation had taken a quantum leap, utilising technology and data to promote the inclusive and sustainable growth of Nigeria’s economy.

It noted that the organisation was still upholding its core principles of a free-market economy, the rule of law, and governance in the national interest.

It also quoted Niyi Yusuf, Chairman, Board of Directors, NESG, as expressing his heartfelt gratitude to Jaiyeola for his dedicated service and impact.

It said that Aduloju would bring exceptional vision and expertise to NESG.

Read also: How PFAs contribute to stock market rally

FG targets $5bn from outsourcing industry in 2024

Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), said on Wednesday in Abuja that Nigeria targets to earn five billion dollars from the outsourcing industry in 2024.

Yakusak said this at the National Conference on International Trade-in-Service organised by the council.

According to the ED, the outsourcing industry has the capacity to boost human capital, drive the economy, and bring about emerging technologies.

He listed some of the outsourced services to include finance, advertising, customer support services, courier services, and many others.

“In recent years, Nigeria has become an increasingly attractive destination for outsourcing, particularly in areas of call centre operations, software development, and back office support.

“The country’s high population and relatively low labour cost, favourable time zone, and English proficiency make it an appealing location for business seekers to outsource certain tasks or functions,’’ he said.

Marketer’s first vessel arrives to end NNPCL monopoly

In an effort to step up importation and end years of dominance of the downstream sector of the oil sector by the Nigerian National Petroleum Company Limited, an independent marketer announced the arrival of its first batch of petrol, a total of 27 million litres, at the Ijegun-Egba port of Lagos.

The vessel, ST Nnene, was scheduled to arrive last week but was unfortunately held up by adverse weather conditions in the Lome waters.

According to a reliable source, the vessel ST Nnene cost Emadeb Energy, the parent company responsible for this vessel, and its bank partners $17 million to bring into the country.

The five banks that bankrolled this deal are Polaris, First Bank, Union Bank, Access Bank, and Fidelity Bank.

Ecobank seeks to challenge N72bn court judgement in favour of Honeywell

Ecobank Nigeria Limited has lodged an appeal at the Court of Appeal to challenge the N72 billion Federal High Court judgement delivered by Hon. Justice M. Liman in favour of Honeywell Flour Mills Plc.

The bank also wants to seek an order from the court to uphold its Notice of Preliminary Objection, challenging the authority of the Federal High Court to preside over the matter.

In its notice of appeal filed on July 19, 2023, Ecobank requested the Court of Appeal to not only dismiss Honeywell’s claim at the Federal High Court but also file a ‘Motion on Notice’ to prevent Honeywell or any other party from acting on the judgement of the lower court.

Oil prices open lower on dollar strength, profit-taking

Global oil prices dipped slightly on Thursday morning, pushing the previous session’s losses below analysts predictions. This comes as the dollar strengthened following some profit-taking moves after U.S. crude oil stocks fell less than expected.

Brent futures dipped 14 cents, or 0.2 percent, to $79.32 a barrel by 0001 GMT, while U.S. West Texas Intermediate (WTI) crude fell 15 cents to $75.20 a barrel.

Reuters reported that the strength in the U.S. dollar index weighed on prices. The dollar bounced on Wednesday after sentiment was boosted by inflation in the United Kingdom falling more than expected in June to its slowest pace in more than a year at 7.9 percent.

A stronger U.S. dollar means crude oil is more expensive for investors holding other currencies.